Regulatory reporting and intelligence solutions provider Cappitech has just announced the addition of a brand new product to its portfolio. The company’s new Insights tool enables compliance teams and risk managers to gain a competitive advantage by improving regulatory reporting and allowing them to benchmark their performance to their peers.
After the introduction of MiFID II over a year ago, the focus of financial institutions moved from simply complying with regulatory requirements to improving the data quality of reports. This, in turn, led to an increased demand for a tool to help firms monitor submissions, identify key areas for improvement and track their performance against the industry standard.
Accessible via an intuitive dashboard, Insights provides actionable data at-a-glance, allowing firms to set Key Performance Indicators and view the key reasons for trade rejections as well as granular data on late reports. Next-generation charting tools enable users to identify underlying problems in their processes systematically and improve submissions.
Data can be filtered by date, regulation, asset class or rejection type, and rejections are flagged as either from internal validation or the NCA. Cross-regulation, Insights provides comprehensive reporting analysis across MIFIR, EMIR, MAS, Canadian and ASIC Derivative Reporting.
In addition to drill-down analysis of a firm’s own performance, Insights allows customers to view their reporting capabilities in comparison to that of their peers. The benchmarking tool helps firms understand if they are behind the industry in terms of the quality and timeliness of their submissions, and enables them to put in place processes for improvement.
Commenting on the addition of the new tool, the CEO of One Global Market Limited, Naji Karak, said: “We welcome the addition of Insights to Cappitech’s industry-leading compliance platform. We have been a beta user of the Insights dashboard and the tool has allowed us to improve the quality and timeliness of our submissions significantly, set KPIs and track our performance versus our peer group – all at a glance.”
The CEO and Founder of Cappitech, Ronen Kertis, elaborated on the product: “We launched Insights in response to strong demand for a product that would allow financial institutions to monitor the quality of their reporting at-a-glance and track it against the industry average.”
Insights is offered as part of the company’s cross-regulation, cloud-based platform CapptivateTM. The new product complements Cappitech’s portfolio of regulatory reporting, Best Execution monitoring, and analysis solutions. According to the firm, it is currently providing its services to over 70 financial services firms. The company also reports more than 1 billion transactions a year.